In a significant milestone, Ethereum soared to over $4,000 for the first time since December 2021, signaling a renewed bullish sentiment in the cryptocurrency market.
The surge in Ethereum’s price comes amidst a broader uptick across the market, propelling the overall market cap to a staggering $2.7 trillion. However, the rapid ascent was met with a slight pullback, with Ethereum’s price momentarily dipping to $3,900 as traders sought to lock in their profits.
Despite the temporary retracement, Ethereum’s trading volume only saw a modest 10% increase, indicating that many long-term investors are opting to maintain their positions rather than engage in short-term trading.
Alongside Ethereum’s rally, Bitcoin also achieved a new all-time high, surpassing the $70,000 mark, further fueling optimism in the market.
Furthermore, Ethereum-based meme coins, including Shiba Inu, witnessed remarkable gains, with SHIB recording a staggering 150% surge over the past week alone.
The excitement surrounding Ethereum’s price surge is compounded by the anticipation of the forthcoming Dencun upgrade, scheduled to launch next Wednesday. The upgrade aims to address Ethereum’s scalability and efficiency issues, potentially serving as a catalyst for further price appreciation.
Widely viewed as a critical milestone in Ethereum’s evolution, the Dencun upgrade holds the promise of tackling longstanding challenges within the network, fostering optimism among investors and enthusiasts alike.
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